Shareholder Paul Hiidelson filed the complaint in a state court in Delaware (where 65% of Fortune 500 companies are incorporated). Vista's Chairman and CEO Robert Smith worked in M&A at Goldman Sachs between 1994 to 2000.
Sunday, 30 November 2014
Saturday, 22 November 2014
America's Distaste of Wall Street's Involvement with Physical Commodities
Summary of the Senate's Findings
November 20, 2014: Report and Member Statements has been published on hsgac.senate.gov ending a two year investigation into Wall Street involvement in trading physical commodities.
Jacques Gabillon was one of the witnesses who gave testimony.
Much of the discussion revolved around aluminium warehousing and so-called "merry go round" transactions. There was also discussion of so-called "BCR" or bid cost recovery payments.
Focus on Aluminium and Alleged Inflation of the "Midwest Premium"
Discontent among market participants (represented by the Aluminium Users Group, which includes Coca Cola) in the aluminium sector centred around the inflation of the "Midwest Premium" (similar concerns had been raised by industry consumers earlier to the European Commission) and also around extended time to take delivery from physical contracts due to queues at warehouses, created by "merry go round" transactions.
Goldman Sachs entered into a number of these deals with Red Kite (which is said to also hold more than half of the LME's copper inventories).
November 20, 2014: Report and Member Statements has been published on hsgac.senate.gov ending a two year investigation into Wall Street involvement in trading physical commodities.
Jacques Gabillon was one of the witnesses who gave testimony.
Much of the discussion revolved around aluminium warehousing and so-called "merry go round" transactions. There was also discussion of so-called "BCR" or bid cost recovery payments.
Focus on Aluminium and Alleged Inflation of the "Midwest Premium"
Discontent among market participants (represented by the Aluminium Users Group, which includes Coca Cola) in the aluminium sector centred around the inflation of the "Midwest Premium" (similar concerns had been raised by industry consumers earlier to the European Commission) and also around extended time to take delivery from physical contracts due to queues at warehouses, created by "merry go round" transactions.
Goldman Sachs entered into a number of these deals with Red Kite (which is said to also hold more than half of the LME's copper inventories).
Tuesday, 4 November 2014
Largest Turkish Overseas Purchase as Yildiz Eats Up United Biscuits
Yildiz beat off stiff competition from Kellogg's and Burton's Biscuits, eventually offering over £2bn. Murat Ulker tweeted: "United Biscuits is our new star".. Yildiz's previous big acquisition was the takeover of Belgian firm Godiva chocolate in 2007 for £670m.
Monday, 3 November 2014
Russian and Ukraine Get Comfy with Gas Deal
Russia has agreed to supply Ukraine with gas till end of March 2015. Just under one third of European gas comes from Russia, and half of that volume comes through Ukraine. The deal involves Ukraine making some advance payments to Russia for winter fuel.
Subscribe to:
Posts (Atom)